What to know : Chiliz is expanding its roster of over 70 fan tokens to Solana and Base, the Ethereum layer-2 network developed by Coinbase. Fan tokens are digital assets that represent membership of a community, such as a sports team's fan base. Chiliz said it hopes that expansion to Solana and Base will give its tokens a major trading volume boost ahead of this summer's FIFA World Cup.
Sports-focused blockchain Chiliz is expanding its roster of over 70 fan tokens to Solana and Base, the Ethereum layer-2 network developed by Coinbase (COIN).
Chiliz rolled out its own layer-1 network in 2023 to host the trading of its tokens, but is transitioning to what it calls "omnichain distribution," according to an announcement on X on Tuesday.
"By using an Omnichain Fungible Token (OFT) standard, fan tokens will exist on each supported chain with a unified supply, eliminating the need for wrapped tokens or fragmented liquidity pools," Chiliz said.
Fan tokens are digital assets that represent membership of a community such as a sports team's fan base. Chiliz has developed over 70 such tokens, including tokens for some of Europe's soccer giants like Paris Saint-Germain, Barcelona, Manchester City and Juventus. These teams use tokens to farm engagement from fans who are not in the stadium, by giving holders the chance to win exclusive rewards and voting rights on minor issues such as the colour of the players' warm-up kit.
Chiliz said it hopes that expansion to Solana and Base will give these tokens a major trading volume boost ahead of this summer's FIFA World Cup. Chiliz already offers tokens representing the Argentina and Portugal teams with more expected to be unveiled in June.
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